EUR/NZD analysis for September 03, 2015

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7583. In the daily time frame, we can observe a supply bar in an average volume. The trend is neutral. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities. According to the H4 time frame, we can observe sings of weakness (no demand) that means we may expect a downward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7840

R2: 1.7895

R3: 1.7990

Support levels:

S1: 1.7650

S2: 1.7590

S3: 1.7495

Trading recommendations: Watch only for selling opportunities after retracement.